CGT on main place of residence and gifting a property to a child

This thread is archived and the information may not be up-to-date. You can't reply to this thread.

PJ1960

(Newbie)Newbie

7 Aug 2024

My wife and I are living in an apartment as our main place of residence for about 18 months. We have purchased of plan and that property is nearly completed.

If we were to rent out our current apartment and sell in a couple of years would we be liable to CGT?

We also purchased an investment property in 2017. Our youngest son has lived in the property since that time except for a very short period of time and we would like to gift the property to him. We paid $256,000 for the property and it is now valued at approximately $450,000. There is still a mortgage of $130,000. What would be the tax implications?

0 likes

185 views